The Family Court and Federal Circuit Court of Australia have the power to deal with property and spending of the parties to a marriage whether held individually or jointly. The Court also considers the financial resources of either party.
In general, when the Court is required to make an assessment of the respective entitlements of the parties it will follow the following process:
Applications for property settlement may be filed with the Family Court or Federal Circuit Court of Australia at any time (subject to the application being filed within 12 months of the date of a divorce becoming final). Property matters can also be resolved by negotiation and formalised as a binding financial agreement.
Property and maintenance matters for de facto couples are dealt with under the Family Law Act 1975. This means that de facto couples largely have the same financial rights and remedies available to married couples and that any disputes will be dealt with by the Family Court or Federal Circuit Court of Australia. De facto couples include same sex couples.
The Court has the power to deal with the property and financial resources held by the parties to a de facto relationship and to divide them justly and equitably after taking into account a number of factors.
Applications for property settlement must be filed with the Court within 2 years from the date of separation.
Property matters can also be resolved by negotiation and formalised as a financial agreement.
At Pigdon|Norgate we are experts in all aspects of financial agreements related to property matters.